Reduce capital gains tax on property

Those who own more than one property can reduce their Capital Gains Tax by registering their main home with HM Revenue & Customs.

That is according to Julian Smith, private client services partner with Princecroft Willis, the Dorset and New Forest chartered accountants, who said that the capital gain on your main residence is
exempt from capital gains tax.

“There is a strict two-year limit on making the nomination,” Mr Smith explained.

“There are also opportunities available to those who choose to buy a second family home within a trust.

“While a married couple can have only one CGT main residence at any time, there is nothing to prevent adult children having a different main residence.”

And if a family owns a second property within a trust they can qualify for extra capital gains tax relief.

Ipsoregulated

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